Armanino, an accounting and consulting company, has launched a blockchain-based TrustExplorer 2.0 tool for audits.
According to the company, the new product will radically change the idea of auditing and allow it to be carried out in literally seconds. TrustExplorer is a protocol with which you can conduct audits in real time using distributed registry technology.
“This digital registry will ensure complete transparency of all transactions completed. Armanino tested its tool at many accounting and financial companies throughout the year, ”said Andries Verschelden, partner at Armanino, in a telephone interview.
According to Ferschelden, blockchain technology automates the collection of accounting data and confirms their accuracy, and also does not allow the possibility of making changes to the ledger. All records are distributed and receive a cryptographic signature, so it is impossible to fake or destroy them. Blockchain is a kind of “notary” confirming the transaction in electronic form.
Ferschelden added that blockchain will make life easier for accountants – they no longer have to manually process large volumes of numerical data and do routine work, which can take several months. According to Ferschelden, accountants should not be afraid for their place of work, because risk management and financial audits require a more detailed approach and traditional working methods.
“Specialists working in the field of accounting are cautious of any innovations, in particular, the latest technologies. Many accountants see the blockchain as a threat rather than an opportunity, ”explained Ferschelden.
Recall that in June, the American Institute of Chartered Public Accountants (AICPA) proposed new standards for auditing, including data accounting based on blockchain. In addition, in the same month, one of the largest audit companies PwC introduced an updated set of audit tools with the ability to verify cryptocurrency transactions.
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